The United States will lower tariffs on Chinese imports from 57% to 47% following a meeting between President Donald Trump and Chinese President Xi Jinping on Wednesday.

Trump said in a statement that the rare earth matter had been resolved and that China’s resumption of soybean purchases would commence immediately. He noted that the agreement will last for one year, with the expectation of renewal, and added that he will travel to China in April.

The tariff reduction comes as both nations work to address trade imbalances through structured negotiations. The ongoing discussions between the two countries involve adjustments to tariff levels aimed at mitigating impacts on consumers.